Core Viewpoint - Xiangtan Electric Machine Co., Ltd. (referred to as "Xiangdian Co."), announced a private placement of approximately 150 million A-shares at a price of 13.3 yuan per share, raising about 2 billion yuan to fund projects in aviation electrical systems and magnetic levitation bearing high-speed motor systems [1][2] Group 1: Fundraising and Projects - The funds raised will primarily be used for the research and industrialization of aviation electrical systems, magnetic levitation bearing high-speed motor systems, and to supplement working capital [1] - The aviation electrical systems project aims to serve the growing low-altitude economy, which is driving advancements in aviation vehicles and their power systems [1] - The magnetic levitation bearing high-speed motor system is expected to become a new growth point for the company, offering advantages such as low energy consumption, low noise, and long lifespan [1] Group 2: Market Demand and Strategic Direction - There is significant potential demand for magnetic levitation bearing high-speed motor systems among enterprises, with a focus on overcoming technical challenges in development and application [2] - The market for high-speed motors is expected to grow due to increasing industrial automation and environmental protection requirements, highlighting the strategic importance of investing in this area [2] - Leading companies are leveraging market opportunities and financing tools to rapidly convert technological achievements into advanced production capacity, benefiting shareholders and contributing to high-level electrification efforts [2]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250914 本周北证 50 创新高后震荡回落，建议关注科 技成长个股 [Table_Tag] [Table_Summary] 北交所市场表现 行业重要新闻 观点 ◼ 本周北交所市场活跃度有所回落，建议关注产业景气度高的科技成长性 企业。本周北证 50 指数在周一创出新高后开始震荡回落，全周累计下 跌 1.07%，北交所内部行情呈现高度分化，资金较为关注科技题材相关 个股，如曙光数创（数据中心）、戈碧迦（半导体）、舜宇精工（AGV）、 华密新材（PEEK）等。建议关注产业景气度高，重点布局人工智能、机 器人、商业航天、低空经济等方向、估值相对低位的成长型个股。 新股上市 ◼ 三协电机（ 920100.BJ）：成立于 2002 年，专注于研发、制造并销售控 制类电机，主要产品包括步进电机、伺服电机和无刷电机及与其配套产 品，以其体积小、功率密度大、绿色节能的显著特点，在精密控制电机 领域树立了良好口碑及自主品牌。其产品已广泛用于安防、纺织、光伏、 半导体、3C 电子、汽车制造、机器人、医疗设备和智能物流等领域。 投资建议 2025 年 09 月 14 ...

Core Insights - Chizhou Qingke Electric Motor Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The company is engaged in various activities including research and development of electric motors and control systems, manufacturing and sales of micro-special motors and components, and providing information system integration services [1] Company Overview - The legal representative of the company is Yang Yuke [1] - The business scope includes general projects such as technical services, development, consulting, and promotion, as well as sales and research of mechanical equipment [1]

Group 1 - The company held its fourth board meeting on September 12, 2025, to discuss the issuance of A-shares to specific investors [2][3] - The board unanimously approved the proposal for the company to issue A-shares, confirming compliance with relevant laws and regulations [3][4] - The proposal will be submitted to the second extraordinary general meeting of shareholders in 2025 for approval [4][25] Group 2 - The company plans to issue up to 223,125,288 A-shares, which is no more than 30% of the total share capital before the issuance [14][15] - The total amount of funds to be raised from this issuance is not to exceed 1,005.82 million yuan, which will be used for specific projects [16][17] - The shares issued will have a lock-up period of six months from the date of issuance [18][19] Group 3 - The pricing for the shares will be based on the average trading price over the 20 trading days prior to the pricing date, with a minimum price set at 80% of that average [12][13] - The shares will be listed on the Shenzhen Stock Exchange [20][21] - The company will ensure that the unallocated profits before the issuance will be shared by both new and existing shareholders [22][23] Group 4 - The board approved a three-year shareholder return plan for 2025-2027 to enhance the company's dividend policy [42][43] - The board also discussed measures to mitigate the dilution of immediate returns due to the issuance of new shares [39][41] - The company will seek authorization from the shareholders to handle all matters related to the issuance of A-shares [44][46]

Core Insights - The direct current micro special motor industry is experiencing steady growth in China, driven by increasing automation in manufacturing and expanding application fields [1][2][4] - In 2024, China's production of direct current micro special motors is projected to reach 15.5 billion units, with a demand of 13.5 billion units and a market size of 288.63 billion yuan, reflecting a slight increase from 2023 [1][2] - The industry is characterized by a competitive landscape involving multinational corporations, foreign enterprises, and domestic companies [5][6] Industry Definition and Classification - Direct current micro special motors are defined as motors with a diameter less than 160mm or a height not exceeding 90mm, with a rated power of less than 750W or having special performance and applications [2] - They are classified into permanent magnet DC motors and armature DC motors, and further into brushed and brushless DC motors [2] Current Development Status - The industry originated in developed countries like Germany and Switzerland, rapidly developed in Japan, and is now expanding in developing countries due to rising application demands [2][4] - The application fields have broadened from audio equipment and home appliances to include garden tools, medical devices, industrial automation, new energy vehicles, and robotics [1][2] Market Size and Projections - The market size for direct current micro special motors in China is expected to reach 296.42 billion yuan by 2025, with production and demand projected to grow to 16 billion units and 13.8 billion units, respectively [1][2] Industry Chain - The upstream of the industry includes raw materials such as copper, steel, enameled wire, and castings; the midstream involves R&D and manufacturing; and the downstream applications span consumer electronics, industrial automation, medical devices, and new energy sectors [4] Competitive Landscape - The global direct current micro special motor industry is highly concentrated, primarily dominated by companies from Europe, Japan, and China, with advanced technology still residing in developed nations [4][5] - Major global players include Nidec, Denso, Mitsuba, Minebea, Ziehl-Abegg, Ebm-Papst, Mabuchi, and Maxon Motor [4] Domestic Market Dynamics - Chinese companies in the direct current micro special motor sector include Wolong Electric, Dayang Electric, Innovera, Jiangsu Leili, Jinlong Electromechanical, and others [6] - Despite advancements in technology, domestic companies still face challenges in market competitiveness compared to international counterparts [5] Future Development Trends - The industry is adapting to national policies and economic conditions, focusing on strategic adjustments and optimization of industrial structure, manufacturing technology, production modes, and product performance [7]

Group 1: Company Overview - Koli's main business involves the development, production, and sales of motors and intelligent drive control technology, with applications in home appliances such as ovens, refrigerators, exhaust fans, and washing machines [2] - The company is expanding its product applications into 3D printing, lithium battery equipment, robotics, industrial automation, and new energy vehicles, leveraging its expertise in motor, drive, control, microelectronics, and sensing technologies [2] Group 2: Fundraising and Project Plans - Koli plans to raise no more than 1.006 billion yuan through a private placement to fund the construction of a smart manufacturing industrial park and to supplement working capital [1] - The core project of this fundraising is the smart manufacturing industrial park, with 906 million yuan allocated for the construction of automated production lines for smart home motors and new facilities for drone motors and robotic joint modules [1] Group 3: Market Opportunities - The global civil drone market is entering a rapid development phase, with China being the largest market, projected to reach 248.93 billion yuan by 2029 [2] - The performance of motors, as a key component of drone electric power systems, directly impacts flight stability and endurance, positioning Koli to benefit from the expanding civil drone market [2] - The robotics industry is also experiencing strong growth, with the global market expected to exceed 400 billion dollars by 2029, and China accounting for nearly 50% of this market [3] - The anticipated growth in the robotics market is expected to drive demand for robotic joint modules, which are critical components of robotic motion systems [3]

Core Viewpoint - Jiangte Electric's motor products are widely used across various industries, indicating a strong market presence and diversification in applications [2] Company Overview - Jiangte Electric's motor product range includes servo motors, new energy motors, lifting metallurgy motors, wind power supporting motors, construction machinery motors, and special equipment motors [2] - The company has established applications in sectors such as robotics, industrial automation, aircraft, wind power, new energy vehicles, construction tower cranes, lifting metallurgy machinery, and escalators [2]

9月8日，常州三协电机股份有限公司（简称：三协电机）成功在北交所敲钟上市。首日，开盘价直接飙 到69元/股，较8.83元/股的发行价暴涨681.43%，盘中更是一路冲高至85元/股，涨幅一度突破862.63%； 截至收盘，涨幅定格在785.62%，收报78.20元/股。9月9日，该股低开高走，早盘股价一度跌逾8%，最 终报收81.29元，涨幅3.95%。 专注控制电机，营收三连涨 此前，三协电机在投资者互动平台答复称，公司共有六大核心竞争力，能结合客户需求提供一站式解决 方案，可多领域、多品类快速交付，响应市场能力强，同时还在越南和美国工厂，整合境外上下游资 源，强化海外交付，贴近境外市场需求。通过本次募投项目的实施，公司能够提升产能和研发能力、丰 富产品结构，从而增强产品竞争力、提升品牌影响力与产品市场占有率，实现公司业务规模的持续增 长。其中，三协绿色节能智控电机扩产项目的实施有利于缓解公司产能瓶颈，优化公司产品结构；研发 中心建设项目有助于提升公司研发能力，缩短研发周期，加快研发成果转化及产业化。 早在2022年，工业和信息化部、发展改革委、财政部、生态环境部、国资委、市场监管总局等六部门联 合发布《工 ...

资料显示，星德胜科技(苏州)股份有限公司位于江苏省苏州工业园区唯亭街道临埠街15号，成立日期 2004年11月18日，上市日期2024年3月20日，公司主营业务涉及微特电机及相关产品的研发、生产及销 售。主营业务收入构成为：交流串激电机51.08%，直流无刷电机36.63%，其他5.79%，直流有刷电机 4.25%，其他(补充)2.24%。 9月10日，星德胜涨0.86%，成交额1.62亿元。两融数据显示，当日星德胜获融资买入额1816.17万元， 融资偿还1946.04万元，融资净买入-129.88万元。截至9月10日，星德胜融资融券余额合计1.13亿元。 融资方面，星德胜当日融资买入1816.17万元。当前融资余额1.13亿元，占流通市值的7.43%，融资余额 超过近一年60%分位水平，处于较高位。 机构持仓方面，截止2025年6月30日，星德胜十大流通股东中，东方阿尔法优选混合A（007518）退出 十大流通股东之列。 融券方面，星德胜9月10日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 责 ...

Group 1 - Jiangsu Leili Electric Co., Ltd. experienced a stock price increase of 5.64% on September 8, reaching 52.63 CNY per share, with a trading volume of 247 million CNY and a turnover rate of 1.07%, resulting in a total market capitalization of 23.533 billion CNY [1] - The company, established on April 29, 2006, and listed on June 2, 2017, specializes in the research, production, and sales of household appliances, automotive micro-special motors, intelligent components for medical instruments, industrial control motors and components, and related parts [1] - The revenue composition of Jiangsu Leili includes: 57.12% from household appliance motors and components, 19.34% from automotive motors and parts, 12.97% from industrial control motors and components, 6.26% from medical and sports health motors and components, and 4.30% from other sources [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Jiangsu Leili, having increased its holdings by 717,200 shares in the second quarter, totaling 1.6727 million shares, which represents 0.37% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 64.953 billion CNY, achieving a year-to-date return of 22.9% and ranking 1832 out of 4222 in its category; over the past year, it has returned 59.53%, ranking 1314 out of 3795 [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 307 days, managing a total fund size of 94.976 billion CNY, with the best fund return during the tenure being 137.42% and the worst being -17.29% [3]